Jim
Ringleader
It seems some people have the wrong end of the stick here. Timberland went bust; when a company goes bust, people do lose out, That does not make them criminals. Its easy to go bust in our country, and long may it remain so. We do not penalise business failure which is one of the reasons why we are a nation of entrepreneurs and small businesses.
I am not privy to what as gone on with Timberlands Motorhomes, but will outline what happens in cases where companies go under.
The banks for whatever reason want their £2,000,000 back, maybe they lose confidence in the company, or maybe they are just skint, but they want it back. The owner cannot find that sum to repay them, so they essentially go bust. From then on what happens is almost entirely in the hands of the Receiver.
The Receivers job is to find as much money from the assets of the company as possible, the receiver will sell anything and everything to do so. More often than not, the sale of the debt free company can realise much more money than selling everything piecemeal, so this has to be an option.
A management buy out from the receiver and the rise of a phoenix company helps the receivers raise more money and the suppliers get more pence in every pound owed to them than they would of without the buy out. I do not think anyone is suggesting that Timberland are like these companies on watchdog that start companies with the intention of going bust and fleecing suppliers. They are crooks; Timberland are a business. I don't know the details but I imagine Timberland suppliers got a lot more of their debts back than they would have if there was no phoenix.
Most of us deal with phoenix companies every day, there are thousands of them, they include banks, high streets stores, pubs, cinemas, ferry companies, car makers etc. That phoenix companies are allowed in this country is a good thing.
I wish the new Timberland the best of luck.
I am not privy to what as gone on with Timberlands Motorhomes, but will outline what happens in cases where companies go under.
The banks for whatever reason want their £2,000,000 back, maybe they lose confidence in the company, or maybe they are just skint, but they want it back. The owner cannot find that sum to repay them, so they essentially go bust. From then on what happens is almost entirely in the hands of the Receiver.
The Receivers job is to find as much money from the assets of the company as possible, the receiver will sell anything and everything to do so. More often than not, the sale of the debt free company can realise much more money than selling everything piecemeal, so this has to be an option.
A management buy out from the receiver and the rise of a phoenix company helps the receivers raise more money and the suppliers get more pence in every pound owed to them than they would of without the buy out. I do not think anyone is suggesting that Timberland are like these companies on watchdog that start companies with the intention of going bust and fleecing suppliers. They are crooks; Timberland are a business. I don't know the details but I imagine Timberland suppliers got a lot more of their debts back than they would have if there was no phoenix.
Most of us deal with phoenix companies every day, there are thousands of them, they include banks, high streets stores, pubs, cinemas, ferry companies, car makers etc. That phoenix companies are allowed in this country is a good thing.
I wish the new Timberland the best of luck.